Yes Bank shares continue to remain under pressure, even as investors were worried about the valuation of fraud-hit CG Power in which the bank holds more than 12% stake. Yes Bank shares had closed at a fresh all-time low of Rs 56.30 last week. The recent plunge in Yes Bank shares comes after Gautam Thapar-controlled CG Power informed the exchanges that that it found some unrelated suspicious transactions while going through normal financing assessment. “The total liabilities of company and the group may have been potentially understated by about Rs 1,053.54 crore and Rs 1,608.17 crore, respectively, as on 31 March 2018,” CG Power said in its exchange filing on Tuesday. As at the end of June 2019, Yes Bank had a 12.8% stake in CG Power. CG Power shares are trading 5% higher at Rs 9.50 on BSE.

Among other things, CG Power had informed that certain assets of the firm were purportedly provided as collateral without due authority; and the Company was made a co-borrower and/or guarantor for enabling ostensibly unrelated third parties to obtain loans without due authorisation. “The moneys so obtained were immediately and without due authorisation routed out of the Company, either by itself or from its subsidiaries or ostensibly unrelated parties to certain related parties,” CG Power had said.